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Unlike India, developed economies like the US and Europe have a clear intellectual property (IP) regime, where the focus is on enforcement, protection and there is clear ledger regime with stronger laws. Therefore, when one looks at the IP intensive industry’s contribution to US GDP, it is up to 34 per cent whereas 32 per cent for the UK. Even India’s distant neighbours, Japan and South Korea give a strong emphasis on IP creation.

Therefore if Prime Minister Narendra Modi is looking at doubling India's current GDP figures by 2025, it is not an option but an imperative on us to develop IP-based innovation so that we become competitive globally, shares Manmohan Singh, Senior Consultant, Frost & Sullivan.

In a conversation with Entrepreneur India, Singh shares five tips for Entrepreneurs looking to develop their companies IP strategy

#Leadership Led

There is hardly any awareness related to IP issues in areas such as ideation, identification, protection across the value chain. Hence, the expert suggests entrepreneurs to understand what these issues are and try to draw a clear approach on how to deal with it.

The practical solution is that the strategy should be leadership led either by the founder or the CEO of the company so that this becomes the culture of the organization and IP is not just created but also protected and monetized

#In Line With Corporate Strategy

The IP strategy should not be an add-on approach where you employ sources whenever the need arises. Instead, it should be in sync with your corporate strategy.

#Expert on Board

It is not necessary that you would always understand the legal and the technical nuances related IP.

Therefore, Singh recommends entrepreneurs to employ a technical person or get an expert on board as an advisor who can help you understand the IP-related issues and draw the roadmap for you.

#Respect Others IP

Most of the problem arises to IP infringement. Hence, entrepreneurs should develop a mechanism that no one in the organization intentionally infringes others IP.

In simple words, a start-up should not only be aware of their IP but also respect others IP, Singh added.

#Learn From Big B

A lot of the Indian MNC have well-developed IP strategy. An entrepreneur can understand their policies and make a note of the best practice followed by the industry peers.

These practices can help them formulate a comprehensive IP strategy, the expert pointed out

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